“Stocks rebound as markets swing on coronavirus fears.
Stocks clawed back gains Monday, erasing early losses after the Federal Reserve signaled it would further support financial markets in the wake of the coronavirus pandemic, boosting investor confidence.
The Dow Jones industrial average climbed 157.62 points to close at 25,763.16, cutting declines after tumbling more than 700 points shortly after the opening bell. A rise in virus cases in the U.S. and China had briefly dampened investors’ optimism for a global economic recovery.
Stocks, however, added to gains after the Federal Reserve said Monday it would buy individual corporate bonds, a sign the central bank will further support credit markets during the pandemic. The Fed said earlier this year it would buy corporate bond exchange traded funds.
A rise in shares of big technology companies helped offset declines in industries that were battered by the pandemic including airlines, retailers and cruise liners.
The Standard & Poor’s 500 added 0.8% to end at 3,066.59, after finishing its worst week in nearly three months on Friday to snap a three-week winning streak. Airline, retail and cruise liners were among the biggest decliners, beaten-down stocks that had rebounded in May on hopes that the economy was recovering. United Airlines fell about 2%. Retailer Kohl’s lost 2% while shares of Carnival dropped nearly 3%.
The technology-heavy Nasdaq Composite rose 1.4% to finish at 9,726.02, helped by gains in highflying shares like Facebook and Netflix.”
The CBOE Volatility Index (^VIX) at close fell to 34.40-1.69 (-4.68%). Stock market volatility fell although the major stock indices recovered their losses and closed higher.
Urban One, Inc. (UONE) stock was among top stock gainers with a stock price at close of 6.54+4.70 (+255.43%). There was a surge in volume for UONE stock, 25,060,500 shares traded compared to the average volume of 408,234.
Edesa Biotech Inc. (EDSA): 5.80,+ 2.90 +100.00% Net Element Inc. (NETE): 6.90,+ 2.30 +50.00% Celldex Therapeutics Inc. (CLDX): 10.71,+ 2.91 +37.31%
Hertz Global Holdings Inc. (HTZ): 1.88, -0.95 -33.57% China Rapid Finance Ltd. ADR (XRF): 2.34, -0.49 -17.31% Art’s Way Manufacturing Co. (ARTW): 2.54, -0.51 -16.72%
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Hertz Global Holdings Inc. (HTZ): 1.88, -0.95 -33.57% American Airlines Group Inc. (AAL): 16.70, -0.04 -0.24% Genius Brands International Inc. (GNUS): 4.52, +0.36 +8.65%
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